Friday, October 24, 2008
OPEC and the price of a barrel of crude oil
Crude reached a high of $145 a bbl the summer of 2008. Today it has spiraled to $64.
"For consumers, falling commodity prices have been one of the only positive developments in a profoundly depressed economic landscape. If OPEC’s cut eventually sends oil prices higher, that would be another blow to the global economy," wrote the NY Times.
The Organization of the Petroleum Exporting Countries (OPEC) is a cartel of 13 countries, says Wikipedia, made up of Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. The organization has maintained its headquarters in Vienna since 1965.